Nike, Trump Media, Infinera, and More

U.S. equities were mixed and little changed at midday Friday after a report showed the Federal Reserve’s preferred measure of inflation cooled in May.

Shares of regional banks, including Regions Financial (RF) and Citizens Financial Group (CFG), gained amid optimism Friday’s inflation report could encourage the Federal Reserve to cut interest rates.

Infinera (INFN) shares jumped after Nokia (NOK) announced it was purchasing the network solutions provider for $2.3 billion. American depositary receipts (ADRs) of Nokia gained as well. 

Shares of former U.S. President Donald Trump’s social media firm, Trump Media & Technology Group (DJT) briefly spiked before tumbling after Thursday’s presidential debate.

Nike (NKE) was the worst-performing stock in the Dow and S&P 500 as the athletic apparel giant missed sales estimates and warned that full-year revenue would decline. The news pulled down shares of other athletic apparel retailers including Under Armour (UA) and Lululemon Athletica (LULU).

Shares of First Solar (FSLR) and other solar power companies declined as the Supreme Court ruled to limit the power of federal agencies, which could negatively impact climate change efforts. 

Oil futures fell and gold prices were little changed. The yield on the 10-year Treasury note was higher. The U.S. dollar advanced on the yen and pound, but lost ground to the euro. Most major cryptocurrencies were lower.